Something that is simultaneously hot and awkward. Why spend the time saying "I find this situation is both hot and awkward?" When you could just say "This is hawkward." Or better yet, just pause and say "Hawkward!"

When something is hot, in a sexual way, while being awkward too.

(Me and my sister are making out with each other.)
Sister: "OMG. You are a really good kisser!"
Me: "You are too, sis! Wow! This is hawkward!!!! LOL!"
Sister: "Def. What time is mom coming home?"
Me: "Not for another half hour."
(We resume making out.)

The awkward pause in conversation when driving down the road with a bunch of friends looking for hawks.

Person 1: "Man, check it out! There are two hawks on the same lamp post!"
Person 2: "I saw that the other day when I was driving into work. It's crazy when that happens."
Hawkward pause
Person 1:"yeah"